Welcome to our 

 

As Easter arrives, we hope you’re enjoying a well-earned break and a bit of time with family and friends. It’s a season of fresh starts — and it’s also a great moment to take stock of your finances and plans for the year ahead.

The mortgage market continues to evolve as we move further into spring. Ongoing conflict in Iran has contributed to an increase in mortgage rates; however, we’re still seeing a consistent level of product availability across the market. Whether you’re considering a move, reviewing your current deal, or just keeping an eye on things, staying informed has never been more important.

In this edition, we’ll be sharing the latest market information and an update on the FCA's car finance reclaim decision! If you've ever taken out a finance agreement on a car, make sure you read on to check if you're due compensation.

If you have never claimed your credit report, now is the time. As we'll explain, your credit file holds information about closed car agreements, which could help you start the claims process. Get your FREE 7 Day Credit Report here.

As always, if you’d like to have a chat about your situation — whether it’s a quick question or a full review — we’re here to help.

Wishing you a very Happy Easter,

Pat, Rory & Patrick

Mc Daid Mortgages

The Financial Conduct Authority (FCA) has this week confirmed its decision on the car finance reclaim scheme — a move that could see millions of UK drivers receive compensation.

 

If you’ve ever taken out finance to purchase a car, it’s worth understanding how this could affect you.

 

 

The issue centres around how some car finance agreements were sold in the past. In many cases, brokers and dealerships were allowed to adjust the interest rate offered to customers. The higher the rate, the more commission they earned — and crucially, this wasn’t always clearly disclosed.

 

These arrangements, known as discretionary commission arrangements, were banned in 2021. However, agreements set up before this date are now under review, which has led to the creation of this compensation scheme.

 

 

You may be able to make a claim if you took out car finance — such as a Personal Contract Purchase (PCP) or Hire Purchase agreement — between April 2007 and November 2024.

 

Eligibility will depend on whether: 

This applies to a wide range of vehicle finance agreements, including cars, vans and motorbikes.

 

 

While the exact amount will vary depending on your individual agreement, early estimates suggest the average payout could be in the region of £800.

 

Some customers may receive more, particularly if they had multiple agreements over the years.

 

 

The process is designed to be straightforward. In most cases, you can raise a complaint directly with your lender, who will review your agreement and confirm whether you’re eligible.

 

TOP TIP:   Your credit file includes details of closed credit agreements, so if you can’t remember who provided your finance, checking your credit report can help you identify the relevant lender.  

 

It’s worth noting that claims management companies are not required — you can make a claim yourself at no cost.

 

 

While the FCA has confirmed the framework, the scheme will take time to implement. Compensation payments are expected to begin later in 2026, with the majority of claims likely to be settled into 2027.

 

 

This is set to be one of the largest consumer compensation schemes in recent years. For many people, it could mean a welcome financial boost — particularly at a time when household budgets remain under pressure.

 

If you’ve had car finance in the past, it’s worth taking a few minutes to check your eligibility. Even if you’re unsure, it's definitely worth checking!

Source: https://www.bbc.co.uk/news/articles/c9vlm2ggrwlo

  

  

Your financial journey doesn’t end with your mortgage. Increasingly, people are thinking about the bigger picture—preparing for retirement, protecting their wealth, and making the most of their savings.

 

While we can't directly provide you with qualified retirement advice, we can connect you with a fully qualified financial adviser who can help you navigate:

 

✅ Retirement planning and pension reviews
✅ ISAs, trusts, and investment strategies
✅ Inheritance Tax planning and other tax-efficient solutions
✅ Comprehensive financial planning for you and your family

 

A short, no-obligation conversation could give you clarity and confidence in your long-term financial goals. Simply reply to this email or get in touch, and we’ll happily make the introduction.

 

Your future matters—let us help you plan for it with confidence. Get in touch with your Mc Daid Mortgages adviser to arrange your free retirement consultation with a regulated financial adviser.

  

Would you like to leave us a review?

Thank you for all the recent reviews!

We're actively asking people to leave a review of our service on Google. We would love to hear your feedback on our support. You can click the link below to leave us a review on Google.